Top 10 Business Loan Apps in India (Up To 5 Lakh)

Sometimes you need an urgent business loan to run the business. But it’s hard to get the loan quickly. Don’t worry. We will give a quick solution.

Get an instant business loan of up to 5 lakh without going brunch. In this post, we are going to cover the top 10 business loan apps in India.

The Top 10 Business Loan Apps in India

Loan Apps	Interest Rate	Tenure	Loan Amount
Navi	12-30% per annum	3 to 60 months	Rs. 10,000 to 5 lakh
Paytm Business Loan	Up to 36% p.a.	Up to 365 days	Rs. 10,000 to 5 lakh
Money View	1.33% per month	6 months- 5 years	Rs. 5,000 – Rs 5 lakh
Truecaller	16%  per annum	3 months to 36 months	Rs. 10,000 to  5 lakh
SimplyCash	25% p.a.	6 months to 24 months	Rs. 50,000 to  1.5 lakh
BharatPe	21% to 30% p.a.	3 months to 15 months	Up to 7 lakh
MoneyTap	13-18% p.a.	2 months to 36 months	Rs. 3000 to 5 lakh
Zincash	16% to 36% p.a.	180 days to 18 months	Rs. 10,000 to 2 Lakh
Kreditbee	0% to 29.95% p.a.	2 months to 15 months.	Rs. 1,000 to 2 lakh
Cashe	2.75% per month	90 days to 1.5 years	Rs. 9,000 to 4 lakh

1. Navi

Paperless loans from Navi are available up to Rs. 5 lakh. After submitting your completed KYC documents, a loan will be sent directly to your bank account.

A loan amount from Navi is processed instantly online. To be clear, this is not a secured loan. Loans from Navi are fast and require just the minimum necessary documents.

Eligibility

• Users must be Indians.
• The applicant must be at least 18 years old.
• A good Cibil history is required for quick approval.
• A cibil score of at least 700 is necessary.

Interest rate	12-30% per annum
Loan Amount	From Rs. 10,000 to 5 lakh
Credit Score	Minimum 650 or above
Approval Process	Online
Loan Tenure	From 3 to 60 months
Eligibility Age	18 to 65 years
Processing Fees	2.5% of Loan Amount + GST Charge
Who Can Apply	Self-Employed/ Salaried Person/ Student

2. Paytm Business Loan

Paytm is India’s most popular mobile payment platform. Among Indians, it is the most valued and frequently used online payment system. From mobile payments and e-commerce to banking and insurance, it has you covered in every possible way.

Paytm now allows borrowers to get a business loan of up to Rs. 5 lakh without submitting any paperwork.

Eligibility

• This loan is solely available to business owners.
• This loan requires a Paytm account. Paytm is only giving this loan to current Paytm customers who do monthly transactions using Paytm.
• This loan requires a CIBIL score.

Interest rate	Up to 36% p.a.
Loan Amount	UP to 5 lakh
Loan Tenure	Up to 365 days
Income Required	NIL
Processing Fees	2% of the loan amount + GST
Eligible For	Self Employed Businessman

Also Read: How to get a loan to start a business

3. Money View

Money View offers instant personal loans for loan amounts up to Rs. 5 lakhs with terms of up to 5 years starting at a 1.33% per month interest rate. Those searching for unsecured loans can check their eligibility in less than 2 minutes and get their loan cash within 24 hours if approved. The full loan application and repayment process are completed online.

Money View has developed an alternative credit-scoring system to make it simpler for applicants with poor credit to get personal loans.

Eligibility

• The user must be a citizen of India.
• Someone must be a salaried employee, a self-employed individual.
• You should be between the ages of 21 and 57.
• Your pay should be at least Rs. 13,500 per month.
• A Cibil score of 730 or above is necessary.

Loan amount	Rs. 5,000 – Rs 5 lakh
Loan tenure	6 months- 5 years
Interest rate	1.33% per month
Processing fee	2% – 5% of the loan amount
Age Required	21 – 57 years
Cibil Score	Yes
Eligible For	Salaried / Self Employed / Student

4. Truecaller Loan

Truecaller is a popular caller identification app that provides fast personal loans ranging from Rs. 10,000 to Rs. 5 lakh. Apply for a Truecaller loan with basic documentation and receive immediate approval.

This lender charges an annual interest rate of 16%.

Eligibility

• You must be at least 18 years old to apply.
• Non-metro cities demand a monthly salary of Rs. 15,000, Mumbai/Delhi/NCR cities require a monthly salary of Rs. 30,000, and other metro cities require a monthly salary of Rs. 20,000. The same income is necessary if you are a business owner.
• A cibil score of 650 or above is necessary.
• It is necessary to have a good credit history.

Interest rate	16%  per annum
Loan Amount	From 10,000 to  5 lakh
Credit Score	Minimum 650 or above
Loan Tenure	From 3 months to 36 months
Eligibility Age	18 years or above
Income Required	Rs. 15,000/- Per month
Processing Fees	Charged Dynamically
Eligible For	Self-Employed/ Salaried Person

5. Simply Cash

SimplyCash, an online personal loan program sponsored by Hero FinCorp, will assist you in getting a quick personal loan.

Get a fast personal loan with a low-interest rate of up to 1.5 lakh.

Eligibility

• The applicant’s age must be between 21 and 58.
• The monthly minimum income should be Rs.15,000.
• A mobile number connected to Aadhaar is necessary.
• Good credit history or a track record of timely loan repayment is necessary.
• Company information is required if you are a salaried employee.

Interest rate	2.08% per month or 25% p.a.
Loan Amount	From 50,000 to  1.5 lakh
Credit Score	Minimum 650 or above
Loan Tenure	From 6 months to 24 months
Eligibility Age	21 to 58 years
Income Required	Rs. 15000/- Per month
Processing Fees	2.5% + GST
Eligible For	Self-Employed/ Salaried Person

Also Read: 5 tips to grow your small business

6. Bharatpe Loan

BharatPe is a free payment software platform that allows you to accept UPI and card payments from any app. Furthermore, using its app, Bharatpe offers quick personal loans of up to Rs. 7 lakh.

Bharatpur’s personal loan interest rate is 24% p.a., which is among the lowest in India.

Eligibility

• You must be at least 18 years old.
• A source of revenue is required.
• A valid bank account is necessary.
• To obtain a BharatPe loan or BharatPe Card, you must complete at least 25 transactions through the BharatPe app. 

Interest rate	21% to 30% p.a.
Loan Amount	Up to 7 lakh
Approval Process	Online
Loan Tenure	3 months to 15 months
Processing Fees	0% to 2%
Eligible For	Salaried Person/ Self Employed

7. Money Tap

MoneyTap provides quick loans throughout India. MoneyTap offers loans of up to 5 lakh rupees. To apply for a loan, you only need a few papers.

The loan is being processed in 24 hours. And the entire procedure is conducted online. You may apply from the comfort of your own home.

Eligibility

• You must be self-employed or a Salaried person.
• Your minimum and maximum ages should be 23 and 55, respectively.
• A monthly income of Rs. 20,000 is required.
• A salaried employee should have at least 6 months of experience in the same job and a total of 2 years of work experience.

Interest rate	13-18% per annum
Loan Amount	From 3000 to 5 lakh
Approval Process	Online
Loan Tenure	A minimum of 2 months and a maximum of 36 months are required.
Eligibility Age	23 years to 55 years
Source of Income	Salaried Person or Self Employed
Monthly Income	Rs. 20,000 per month
Processing Fees	2% of the Loan Amount

8. Zincash

Zincash Personal Loan provides same-day loans of up to Rs.2 lakh. This may be completed in minutes without the need for any collateral or security deposit.

It’s the ideal choice for people who want funds immediately but do not want to deal with the hassle of filling out lengthy paperwork and submitting it to many banks.

Eligibility

• Your age ranges from 21 and 60 years old.
• You get your monthly income in a bank account whether you work in the private, public, or government sectors.
• You’ve been with the business for two years.
• You’ve been at your current employer for at least six months.
• Every month, a minimum of Rs. 15,000 income is required.

Interest rate	16% to 36% per annum
Loan Amount	Rs. 10,000 to 2 Lakh
Approval Process	Online
Loan Tenure	180 days to 18 months
Age Required	21 years or above
Processing Fees	3% + GST
Eligible For	Salaried Person / Self Employed

Also Read: MSME Business Loan

9. Kreditbee

Kreditbee offers a fast Business Loan. This lender provides 3 lakh loans with minimum paperwork and a completely online application process.

You do not need to go out to brunch to apply for a Kreditbee fast loan.

Eligibility

• The age range should be 21 to 45 years old.
• Should be an Indian citizen.
• A Facebook or Google account is required.
• An aadhaar-linked mobile number is required.
• Pan Card is required.
• A bank account is required.
• Excellent Cibil score.

Interest rate	0% to 29.95% per annum
Loan Amount	Rs. 1,000 to 2 lakh
Approval Process	Online
Loan Tenure	2 months – 15 months.
Source of Income	Salaried / Self Employed
Processing Fees	1.5%-3% of Loan Amount

10. Cashe

Cashe, an app-based loan, may be able to provide you with a loan of up to Rs. 4 lakh. You will receive an instant personal loan within 24 hours.

Customers may borrow between Rs. 9,000 and Rs. 4 lakh using CASHe for terms ranging from 90 to 540 days.

Eligibility

• Indian citizen
• You should be between the ages of 23 and 58.
• Your monthly salary should be at least Rs. 12000.
• As a paid employee, you must work for a well-known company.
• A Facebook, Google+, or LinkedIn account is required.

Interest rate	2.75% per month
Loan Amount	Rs. 9,000 to 4 lakh
Approval Process	Online
Loan Tenure	90 days to 1.5 years
Eligibility Age	23 years to 58 years
Source of Income	Salaried Person / Self Employed
Monthly Income	Rs. 12,000 per month
Processing Fees	2%-3% of the Loan Amount

Why Should Choose the Business Loan Apps?

Now the digital loan is a more fast and more instant process than other banks or NBFC companies. You can get an instant loan without going to brunch.

Here is the following reason to choose the business loan apps:

Instant Approval: You will get instant loan approval through business loan apps. Within 24 hours you will get the loan amount. This is a fully digital process.

Minimum Documents: You can apply for a business loan with minimum documents like a pan card, Aadhaar card, Bank Statement & Trade Licence. This is enough to get the loan.

Without Verification:  Get the business loan without any verification. This fully online process. You can apply for a loan through the home.

EMI Variable: Pay back your loan EMI over a period of 3 to 60 months. Choose an EMI that meets your needs.

FAQs of Business Loan